SurgiQuest, Inc. Secures Additional $18.5 Million Funding to Fuel Worldwide
Expansion and Commercialization Efforts
PR Newswire
MILFORD, Conn., Dec. 5, 2012
MILFORD, Conn., Dec. 5, 2012 /PRNewswire/ --SurgiQuest, Inc. announced today
that the company has closed a combined $18.5 million equity and debt
financing. The financing, closed at the end of September 2012, includes a $7.5
million round of Series D preferred stock equity as well as an $11.0 million
credit facility.
All of SurgiQuest's existing investors participated in the Series D preferred
financing, which was an up-round from the previous round of equity financing.
Lending partner, Ares Capital Corporation, provided the $11.0 million credit
facility. The significant investment made by the company's existing investors
and new lending partner validates their support for company's continued
successes driven by consistent global customer adoption and revenue growth.
SurgiQuest's patented AirSeal^® Access System provides unprecedented access to
the abdominal cavity during minimally invasive surgery ("MIS"). Unlike
conventional insufflation and trocar systems, the company's breakthrough
integrated platform assures stable pneumoperitoneum, continuously evacuates
smoke and plume when energized medical devices such as electrocautery, laser
or ultrasound are used, and provides valve-free access to the abdominal cavity
during both laparoscopic and robotic surgical procedures.
"We are excited that our existing investors firmly believe in both our
technology as well as our ability to achieve our strategic plans for growth
and profitability, and we appreciate the support from our new lending partner,
Ares Capital Corporation," stated Mr. Kurt Azarbarzin, Founder and CEO of
SurgiQuest. "This round of funding enables us to aggressively expand our
organizational capabilities to meet the rapidly increasing worldwide demand
for the AirSeal System."
About SurgiQuest
SurgiQuest, Inc. is a privately held venture-backed company founded in May
2006. The company develops, manufactures and markets innovative access
technologies for minimally invasive surgery. Additional information about
SurgiQuest products can be found at
www.surgiquest.com.
About Ares Capital Corporation
Ares Capital is a leading specialty finance company that provides one-stop
financing solutions to U.S. middle market companies and private equity
sponsors. Ares Capital originates and invests in senior secured loans,
mezzanine debt and, to a lesser extent, equity investments through its
national direct origination platform. Ares Capital's investment objective is
to generate both current income and capital appreciation through debt and
equity investments primarily in private companies. Ares Capital has elected to
be regulated as a business development company, and is externally managed by a
wholly owned subsidiary of Ares Management LLC.Ares Management is a global
alternative asset manager and a SEC-registered investment adviser with
approximately $56.0 billion of committed capital under management as of
September 30, 2012.
For more information, visit www.arescapitalcorp.com.
CONTACT: Gary Tegan, +1-203-799-2400, gtegan@surgiquest.com
SOURCE SurgiQuest, Inc.
Website: http://www.surgiquest.com
Website: http://www.arescapitalcorp.com